Mylan NV said Wednesday that it received European regulatory approval to move forward with its proposed buyout of Perrigo Co., which has resisted repeated overtures.

In April, the generic drugmaker raised its offer for Perrigo to $232.23, or about $34.1 billion, in cash and stock. But Dublin-based Perrigo, which makes over-the-counter medicines, once again rejected the takeover offer.

Despite the repeated rejections, Mylan said it looks forward to completing a buyout of Perrig ..